In a regulatory filing released on Friday, Apple revealed that its net sales of $215.6 billion fell 3.6% short of its target of $223.68 billion, while its operating income reached $60 billion, missing the $60.3 billion target by just 0.5%. As a result of this performance, Apple’s executives received 89.5% of their potential annual cash incentive, as opposed to the 100% they received after the record-breaking 2015.

In all, Cook’s compensation adds up to $8.75 million for 2016, whereas he received over $10 million in 2015 and $9.2 million in 2014. The five other named executives in the company, including Angela Ahrendts and Eddy Cue, saw their total compensation drop by over $2 million as well.

With the iPhone consistently struggling to hit sales targets throughout 2016, there was no question that this year was going to be a relative disappointment after the seemingly unrepeatable heights Apple reached in 2015. With that in mind, it shouldn’t come as much of a surprise to the company or consumers, as the iPhone 7 serves as the third minor upgrade to the smartphone line in three years. If Apple’s iPhone 8 is as big a leap forward as analysts expect it to be, 2017 should be a different story.